Author: The Daily Hodl
A closely followed crypto analyst thinks it’s almost time for altcoins to witness the steepest leg of the bull market. Pseudonymous analyst TechDev tells his 460,100 followers on the social media platform X that the Bitcoin dominance (BTC.D) chart is flashing a massive bearish reversal signal. The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to outperform Bitcoin. According to TechDev, BTC.D is showing a bearish divergence on the five-day chart, indicating that Bitcoin is losing momentum against altcoins. “The building five-day bearish divergence on…
The biggest Bitcoin (BTC) traders have recently become more risk-averse, according to the CEO of blockchain analytics firm CryptoQuant. Ki Young Ju tells his 349,000 followers on the social media platform X that the interexchange-flow-pulse (IFP) indicator, which tracks the flow of BTC between spot and derivatives exchanges, is signaling that whales are now in “risk-off mode.” Traders deposit assets to derivatives exchanges and use them as collateral to take on more risks via leveraged positions. Ju notes that the IFP is currently below its 90-day moving average. “[The] Bitcoin IFP indicator turned red. Whale traders on derivatives exchanges are…
A crypto analyst who nailed the 2022 Bitcoin bottom is warning that BTC is in danger of witnessing a massive breakdown. In a new video update, pseudonymous analyst DonAlt tells his 60,100 YouTube subscribers that BTC is at risk of losing all bullish momentum. The crypto strategist says that Bitcoin will likely go through a capitulation event if BTC bulls fail to defend support at $63,000. “I was actually a fan of $60,000 [support] for quite a while. It’s just [BTC] tested it too many times, and now we’ve tested it so many times that I think it’s sh*t, not…
A closely followed crypto analyst says that the top altcoin Ethereum (ETH) may be gearing up for a swing to the upside. In a new video update, crypto strategist Jason Pizzino tells his 329,000 YouTube subscribers that one indicator suggests the leading smart contract platform is gearing up for rallies. According to Pizzino, ETH’s average true range (ATR) – an indicator that measures volatility by showing an asset’s trading range over a specified period – is hinting at an approaching breakout. “Ethereum [is] looking pretty good – putting in lower highs and higher lows at the moment. We have covered the…
Veteran crypto investor Arthur Cheong believes that deep drawdowns and multi-year bear markets may be a thing of the past for digital assets. The DeFiance Capital CEO tells his 169,400 followers on the social media platform X that crypto may be witnessing a coming-of-age cycle – or a period when digital assets begin to behave like the stock market. “Nuanced take: entirely possible the crypto market is maturing and we don’t see complex wild swings with 70-80% drawdown every two years but instead a complex secular growth like what the S&P 500 went through post-2008 GFC (Great Financial Crisis). Excluding…
The Fantom Foundation is committing up to 200 million FTM tokens to support the launch of Sonic, the network’s newest iteration. In a new blog post, the Fantom Foundation says that its treasury is aiming to expedite the immediate adoption of decentralized apps (dApps) and other partners to the Sonic network. Sonic is designed to be a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum (ETH). The Fantom Foundation says that the allocation underscores its dedication to creating “a robust and dynamic platform and community.” “Sonic’s ambition is nothing less than reinventing the future state of blockchain,…
New data reveals the daily average volume of the stablecoin Tether (USDT) over the Tron (TRX) blockchain has surpassed that of credit card giant Visa. In a new post on the social media platform X, market intelligence firm Lookonchain notes that earlier this week, the 24-hour trading volume of Tether’s dollar-pegged digital asset over Tron was $53 billion – a nearly 10% rise on the day – while Visa’s was sitting at $42 billion. “The 24-hour trading volume of USDT on Tron Network is $53 billion, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78…
Macro investor Luke Gromen says that in the coming years, Bitcoin (BTC) and risk assets will benefit from a souring sentiment in US long-term bonds. In a new video update, Gromen says that due to inflationary pressures, capital will likely rotate from the bond market into stocks, gold and Bitcoin. The investor says that because of these pressures, the iShares 20+ Year Treasury Bond exchange-traded fund (TLT) is signaling weakness against risk assets and inflation hedges. “There’s a $130 trillion global bond market that will need to run into a $65 trillion stock market which I think is happening. [There’s…
Former Goldman Sachs executive Raoul Pal believes that a period of sustained uptrend is coming for Bitcoin (BTC) and the rest of the crypto market. In a new interview with crypto trader Scott Melker, the macro guru points out that historically, risk assets like Bitcoin and crypto tend to witness rallies during Q4 of a presidential election year. “Look, the backend quarter of an election year is true banana zone for all assets. It always is. So you know that you’ve got a very, very, very high probability that by autumn things are utterly ripping. I mean, how long before…
A closely followed trader believes that a key support level for Bitcoin will collapse before BTC witnesses another move to the upside. Pseudonymous analyst the Flow Horse tells his 219,400 followers on the social media platform X that Bitcoin is flashing multiple signals suggesting that support at $60,000 will crumble before the crypto king sees a trend reversal. “My honest opinion to expand on my point earlier in the week about being close to a bottom probably in time (next couple of months) but not in price… I am fairly confident Bitcoin will trade below $60,000 again. I know we are…